Posted 1 June 2021 12:00 AM by Shentel
On May 28, 2021, Shenandoah Telecommunications Company ( “Shentel” or “Seller”) and T-Mobile USA, Inc. (“T-Mobile” or “Buyer”) entered into an Asset Purchase Agreement (the “Agreement”) pursuant to the purchase option previously exercised by T-Mobile on August 26, 2020 and the completion of the appraisal process previously disclosed on February 2, 2021. Under the Agreement, T-Mobile will purchase from Shentel the specified operating assets and related rights (as defined in the Agreement) of Shentel’s Wireless Business (as defined in the Agreement) that were utilized to provide wireless telecommunications network services as contemplated by the Sprint PCS Management Agreement, as amended (the “Management Agreement”), in the Wireless Network Coverage Area (the geographic service area as defined in the Management Agreement) utilizing the Sprint Marks, among other things and subject to the satisfaction or waiver of specified conditions (the “Transaction”). As previously disclosed, the aggregate consideration payable by Buyer under the Agreement will be $1.95 billion in cash including approximately $60 million in settlement of the waived management fee which is subject to adjustment based on the closing date. Consummation of the Transaction is currently expected to occur in early third quarter of 2021, subject to customary conditions to closing including the receipt of certain regulatory approvals.
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